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Boulder, CO - Newest New Home Sales Numbers Suggest Market Rise Slowing.

Posted on: May 06, 2012 09:16:32 AM

The Boulder, CO market saw a rise in new home sales in February year-over-year, but the increase was less than January 2012. New home sales moved from 21 a year earlier to 28 after the figure moved from 14 in January 2011 to 26 in January 2012.

A total of 359 new homes were sold during the 12 months that ended in February, up from 352 for the year that ended in January.

As a percentage of overall housing sales, new home sales accounted for 10.2%. This is an increase on a percentage basis, as new home sales were 8.6% of total sales a year ago. After dropping in January from a year earlier, sales of new and existing homes climbed year-over-year in February.

Pricing and Mortgage Trends

The average price of new homes increased year-over-year 7.7% in February to $403,866 per unit. This rise is smaller than the 34.7% bump in January year-over-year.

For newly sold homes, the average mortgage size dropped year-over-year in contrast to average price of new homes. Average mortgage size declined 13.3% to $295,164 in February from a year earlier. Average mortgage size on new homes went from $222,948 in January 2011 to $322,382 in January 2012. The overall percentage of sale price that was being financed fell 17.7 percentage points year-over-year to 73.1% in February 2012. In January 2012, there was a 4.7 percentage point rise from a year earlier.

Other Market Trends

As a share of new home sales, single-family home sales have climbed from last year while the share belonging to attached units has fallen. The share of new home sales belonging to single-family homes rose from 61.9% in February 2011 to 78.6% of sales in February 2012. At the same time, the share of new home sales belonging to attached units sank to 21.4% of sales from 38.1% of sales.

The average unit size of newly sold homes dropped 23.9% year-over-year to 1,621 square feet in February 2012. In January, the average size of new homes sold went from 1,508 square feet a year earlier to 2,271 square feet.

Foreclosures and real estate owned (REO) sales stayed a drag on the market. Combined, foreclosures plus REO sales represented 27.9% of existing home sales. In February 2011, they accounted for 29.5%. The percentage of existing home sales involving foreclosures fell to 10.5% in February from 17.9% a year earlier while REO sales as a percentage of existing home sales rose to 17.4% from 11.6%.

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